October 20, 2009
Washington D.C.—Nevada Senator Harry Reid is cosponsoring a bill that will amend the Truth in Lending Act to help protect consumers from overdraft fees that are often too high and, in some cases, even avoidable.
The legislation would also allow consumers who make purchases with a debit card or check to be notified if the sale would result in an overdraft, rather than the bank automatically approving the sale and charging the customer an overdraft fee, which many often do. In addition, it would provide strong new consumer protections and disclosures for all types of transactions, including paychecks and direct deposits.
“If you are one of the many people suffering from the effects of this economy, something as simple as a $50 overdraft fee can really hurt,” Reid said. “I’m pleased to cosponsor this bill, which restores fairness and accountability to Nevada consumers from their banks. This bill will save Nevadans money by limiting the amount a bank can charge for an overdraft fee and requiring banks to post transactions in a way that consumers do not incur avoidable overdraft fees."
RenoBruce R. Thompson
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